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CredAble launches UpScale to enable financial inclusion among SMEs

With UpScale, CredAble will penetrate deeper into the ecosystem with tailor-made solutions for small business owners

finance sector | artifical intelligence | business

Peerzada Abrar  |  Bengaluru 

. Nirav choksi, co-founder and chief executive officer of Credable
Nirav choksi, co-founder and chief executive officer of CredAble

CredAble, an AI-powered tech platform enabling working capital financing across enterprise ecosystems, announced the launch of UpScale, a platform that enables growth and financial inclusion for SMEs and MSMEs in India. Last month alone CredAble disbursed Rs 3,500 crore to more than 100,000 small businesses. With UpScale, CredAble will penetrate deeper into the ecosystem with tailor-made solutions for small owners.

SMEs are largely starved in terms of credit and growth yet contribute nearly 30 per cent of the GDP. Explaining the need to overcome these challenges for the backbone of the nation.

“Due to broken financial management, only 16 per cent of MSMEs have access to formal credit, creating a gap of $350 billion. Thus, it is important that MSMEs manage their finances better and scale faster,” said Nirav Choksi, co-founder and CEO, CredAble. “With UpScale, our aim is to create inclusive growth for small businesses by providing them with cash management, payment, credit and growth tools that will enable small owners to efficiently grow and manage their businesses.”

CredAble recently raised $30 million in its Series B round and is using the raised funds to enhance CredAble’s reach as well as solutions for small businesses via UpScale. The platform syncs in with a business’ existing accounting software and bank accounts and provides real-time data that helps make informed decisions to manage financial operations. This includes collection and payments and avail instant, collateral-free access to working capital financing along with other growth tools.

“UpScale helps automate credit and cash flow management so a business can focus on what is important – Growth,” said Nitin Sharma, chief product officer and MD – SME Business, CredAble.

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First Published: Fri, November 12 2021. 00:00 IST